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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB5028 Introduced , by Rep. Charles Meier SYNOPSIS AS INTRODUCED:
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| 35 ILCS 450/2-75 | | 30 ILCS 105/5.886 new | |
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Amends the Illinois Hydraulic Fracturing Tax Act. Provides that 50% of the moneys received under the Act shall be paid into the General Revenue Fund and 50% of the moneys received under the Act shall be paid into the Pension Relief Fund (currently, all of the moneys are paid into the General Revenue Fund). Provides that moneys in the Pension Relief Fund shall be used to make employer contributions required under certain provisions of the Illinois Pension Code. Amends the State Finance Act to make conforming changes.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB5028 | | LRB100 19323 HLH 34589 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Hydraulic Fracturing Tax Act is |
| 5 | | amended by changing Section 2-75 as follows:
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| 6 | | (35 ILCS 450/2-75)
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| 7 | | Sec. 2-75. Distribution of proceeds. Fifty percent of the |
| 8 | | All moneys received by the Department under this Act shall be |
| 9 | | paid into the General Revenue Fund in the State treasury and |
| 10 | | 50% of the moneys received by the Department under this Act |
| 11 | | shall be paid into the Pension Relief Fund, a special fund |
| 12 | | created in the State treasury. Moneys in the Pension Relief |
| 13 | | Fund shall be used to make employer contributions required |
| 14 | | under Sections 14-131, 15-155, and 16-158 of the Illinois |
| 15 | | Pension Code.
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| 16 | | (Source: P.A. 98-22, eff. 6-17-13.)
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| 17 | | Section 10. The State Finance Act is amended by adding |
| 18 | | Section 5.886 as follows:
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| 19 | | (30 ILCS 105/5.886 new) |
| 20 | | Sec. 5.886. The Pension Relief Fund.
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